- El Salvador president Nayib Bukele shares a list of 44 countries set to discuss Bitcoin in a meeting.
- Central banks of developing countries are meeting in El Salvador to decide how to adopt Bitcoin in their financial inclusion plans.
- Analysts believe a Bitcoin price rally beyond $31,800 would be massive, reveal a bullish outlook on the asset.
Bitcoin price started recovering after the bloodbath with Salvadoran President Nayib Bukele's announcement of 44 countries attending a meeting to understand how to include BTC in their financial plans. Bitcoin price made a comeback above $30,000, starting its upward climb.
Bitcoin price crosses $30,000 ahead of BTC meeting in El Salvador
President Nayib Bukele of El Salvador announced a meeting of 44 countries to discuss Bitcoin and financial inclusion. Bukele revealed that 32 central banks and 12 financial authorities are meeting in El Salvador, and the agenda is the digital economy and banking for the unbanked.
El Salvador's adoption of Bitcoin as a legal tender has introduced several benefits in the country, and authorities are keen on collecting further information to develop their strategy to include Bitcoin in their economy and economic expansion plans.
Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, digital economy, banking the unbanked, the #Bitcoin rollout and its benefits in our country.
— Nayib Bukele (@nayibbukele) May 16, 2022
According to the President's official Twitter handle, the meeting is scheduled to occur on May 17, 2022. The list of countries attending the Bitcoin meeting includes several developing economies.
The meeting is a milestone event, and proponents expect a positive impact on Bitcoin adoption, utility and price in the long term.
An indicator reveals the positive sentiment among Bitcoin investors and market participants on the Bitfinex exchange. @JohalMiles, a leading analyst, evaluated data from Bitfinex and noted that longs have never been near the high being seen on the charts. This implies a large number of BTC traders and investors are bullish on Bitcoin.
To put this in perspective, Bitfinex longs have never been anywhere near this high before.
— Miles J Creative (@JohalMiles) May 15, 2022
Or increased so quickly.$BTC pic.twitter.com/5eWajPZPU3
Bitcoin price started its upward climb ahead of President Nayib Bukele's announcement. Bitcoin's recovery started over the weekend, and the asset has made a comeback above $30,000.
Analysts have evaluated the Bitcoin price trend and predicted a massive recovery rally in the asset. @CryptoDonAlt, a leading analyst and trader, believes a close above $31,800 indicates a breakout in Bitcoin price in the current circumstances.
$BTC
— DonAlt (@CryptoDonAlt) May 15, 2022
Exciting weekly close incoming.
>$31800 would be massive, especially considering the current circumstances pic.twitter.com/snxwfM3F01
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
![Celebrity meme coins controversy continues amid Pump.fun revenue dominance](https://editorial.fxstreet.com/images/Resources/CryptoWorldSEO3_XtraSmall.jpg)
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
![PEPE's on-chain metrics indicate potential rally after weeks of silence](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/PEPE/PEPE_coin_XtraSmall.jpg)
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
![Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/ethereum_2_XtraSmall.jpg)
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
![Crypto community blasts Polkadot following report of treasury spending](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Polkadot/polkadot-150x150logo-637399979978734311_XtraSmall.png)
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
![Bitcoin: BTC price correction could end in July, according to seasonal data](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.